In this special, extended Leadership Minute, episode 54, Janet Schijns talks about how technology partners can help retailers improve the customer experience, better manage inventory, and optimize omnichannel shopping processes.
00:09 — Retailers are investing a lot in technology, Janet says. She’s had many good conversations with partners recently about how they are working with retailers to make sure they capture as much traffic and commerce as they can.
00:52 — One big area of focus is enhancing the customer experience. Technology partners are working to provide solutions that streamline the purchasing process, offer personalized recommendations, and provide convenient payment options, including credit cards, PayPal, and even cryptocurrency. They’re also helping retailers create a more satisfying shopping experience for their customers. There’s Cisco technology, for example, that provides a point-of-sale (POS) option on mobile devices, which reduces wait times, particularly during cyclical busy times like holidays.
02:11 — Another area of focus is improving inventory management. By leveraging advanced data analytics and inventory management tools, technology partners can provide solutions for retailers to optimize inventory levels so that popular products are always in stock. Partners can design an inventory management system that couples Internet of Things (IoT) devices with analytics to improve inventory turns, reduce costs, speed up on-time receipt, and ensure proper inventory conditioning. It also can glean information about shopper behavior, which helps further optimize which products to make available, as well as where and when to make those available. Having products in stock when customers want them is critical.
03:04 — The omnichannel, or seamless, retailing trend continues to expand. A key to designing an omnichannel strategy is making every touchpoint shoppable. With Disney, for example, you can use your mobile app to access any experience, no matter if you’re in a park, a store, or watching a movie at a movie theater or at home. Technology partners can help retailers provide a seamless commerce experience, expand their sales channels, and integrate online and offline channels.
05:53 — Last, but not least, partners are working with retailers to ensure that their security postures, processes, and policies protect customer data, everything from sensitive credit card data to account information. Retailers are facing more significant challenges than ever before to protect their customers’ privacy and information. Failure to do so risks losing their customers’ business. (A KPMG survey showed that 19% of retail shoppers would never shop with a breached retailer again, and a further 33% of shoppers wouldn’t shop with the retailer for at least three months after a breach.) Partners can provide a full range of security solutions for retailers that protect customer, employee, inventory, and retail data.
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